AkzoNobel and Axalta Coating Systems ended their discussions regarding a potential merger of AkzoNobel’s paints and coatings business with Axalta. The companies announced on Tuesday that an agreement could not be reached.

On October 30, in response to market speculation, AkzoNobel confirmed it was in constructive discussions with Axalta concerning a potential merger.

AkzoNobel released a statement saying that it will continue to focus on its strategy of accelerating sustainable growth and profitability through the creation of two focused, high-performing businesses and remains committed to its 2020 financial guidance.

The separation of the AkzoNobel Specialty Chemicals business and return of the vast majority of the net proceeds to shareholders remain on track.

“I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term,” said Thierry Vanlancker, CEO of AkzoNobel. “We remain focused on our strategic options to continue to develop our business and improve profitability in the future.”

Axalta will continue to pursue other value-creating alternatives according to a statement released Tuesday.

“After pursuing a potential combination of Axalta and Akzo, we concluded we could not negotiate a transaction on terms that meet our criteria,” said Charles W. Shaver, Axalta’s chairman and CEO. “Any transaction we ultimately agree to needs to generate superior long-term value for Axalta shareholders as compared to the continued execution of our strategic plan.”

Today, Axalta announced that it is engaged in discussions with Nippon Paint about the potential acquisition of Axalta.